As for the long term effects of the lard–I have to soap my saddle/bridles a lot less.
I have an old Crosby that I larded the last time maybe two-three years ago. I have not been riding in it lately. I just checked that saddle and the leather is still soft and supple.
Of course the lard works better with the old type English vegetable tanned leather. That leather just drinks the lard in so well! The leather on the Stubben did not soak it up as well, but it still softened the leather for a long time after the initial larding the saddle three times.
When I first found out about using saturated animal fats to work into the leather I tried to find tallow. I finally tracked down a company that sold it, they said if I wanted a 45 gallon drum they would be glad to sell it to me. That is when I decided to try the lard and the lard has worked very well for me!
EXCEPT that the modern fad for calfskin, that calfskin leather does not soak up the lard very well at all.